Biden calls for a gas tax holiday ahead of summer driving season

Plus: What’s next now the gun safety legislation has been released and the significance of the two anti-abortion bills Louisiana’s governor just signed into law.

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President Joe Biden in a speech this afternoon will call on Congress to suspend the federal gas for three months, his latest attempt to lower prices at the pump as Americans head into summer driving season paying almost $2 more per gallon than they did a year ago.

The president will ask lawmakers to do so without taking any money away from the Highway Trust Fund, which finances most federal government spending for highways and mass transit, and is expected to also urge state and local governments to suspend their gas taxes or delay planned tax and fee increases.

A senior administration official during a call on Tuesday evening told reporters that the announcement is a response to the start of the summer driving season and the latest example of President Biden using all the tools at his disposal to offset the adverse impact that the administration feels are the two main drivers of inflation: The Russian invasion in Ukraine and the ongoing pandemic.

And despite estimating drivers could save up to $1 per gallon with the federal and statewide gas tax holidays and by retailers and refiners sacrificing record profit margins, the official cautioned that today’s announcement won’t fix the spike in prices that Congress should also approve legislation to lower prescription drug prices, streamline supply chains and accelerate the nation’s transition to clean energy.

President Biden this past weekend indicated his intention to make public his decision on his administration’s next step to lower prices at the pump.